Oil Prices Dip amid Mixed US Crude Data

The oil futures rally was unable to continue during the third trading session of 2017. Oil prices fell as mixed US crude data dampened any momentum that oil had heading into the New Year.

February West Texas Intermediate (WTI) crude futures tumbled $0.16, or 0.30%, to $53.10 per barrel at 16:38 GMT on Thursday on the New York Mercantile Exchange. Oil futures had been trading between positive and negative territory throughout the trading session.

Brent crude is not doing any better. March Brent crude futures decreased $0.14, or 0.25%, to $56.32 a barrel.

With oil prices staying above $50, some experts are concerned that US producers may expand output in order to take advantage of the high prices. In other words, even if OPEC does maintain its production cut, higher oil prices may not be sustainable because of oversupply issues.